David Ramsey’s Skepticism Toward Cryptocurrency
David Lawrence Ramsey III, renowned for his role as a financial commentator and host of The Ramsey Show, has expressed his strong skepticism toward cryptocurrency. While he acknowledges that digital currencies, including Bitcoin and Ethereum, might gain more legitimacy in the future, he firmly believes that they are not a sound investment option at this time.
Critical Perspective on Crypto
In a recent segment of his show, Ramsey engaged with his co-host by sharing his critical perspective on crypto. He derides it as a speculative gamble rather than a reliable currency, equating it to commodities like oil and gold — both of which he avoids investing in. He stated,
“It’s not gonna be a proven investment, because it’s a commodity. Commodities are never a proven investment.”
Despite recognizing crypto’s status as a digital currency, he expresses disdain for its speculative nature, labeling it as a mere trend among those seeking to appear trendy, referring to such investments as akin to wagering.
Investment Philosophy
Ramsey shares that his approach to investments is conservative, preferring to invest in traditional fiat currencies with established histories, such as the Japanese yen or the euro. He emphasizes the importance of a stable track record in investments, noting that cryptocurrencies have yet to prove themselves in that regard.
During the discourse, he likened crypto investments to throwing money at exotic ventures, such as emus, instead of cattle — an investment traditionally deemed more sound. He argues that the fascination with cryptocurrency is largely driven by an allure to be part of a modern trend, remarking,
“it is just all the cool kids doing stupid stuff.”
Concluding Remarks
Concluding his remarks emphatically, Ramsey did not hold back, stating plainly that he regards crypto as “dumber than crap.” This sentiment echoes a broader skepticism within financial circles regarding the viability of cryptocurrency as a serious investment vehicle at present, highlighting ongoing debates about its future and legitimacy in the financial landscape.
